WealthLens Singapore 2025 shows HSBC and HSBC Life maintaining top rankings, though the report notes that Singapore’s affluent are increasingly open to switching financial brands.
Singapore’s high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals have named HSBC and HSBC Life as the most trusted financial brands for banking and insurance respectively, according to Agility Research & Strategy’s WealthLens Singapore 2025 study. The annual rankings, based on the views of 500 affluent Singaporeans with at least US$1 million (S$1.29 million) in assets under management, offer insights into their evolving preferences.
The findings were consistent with last year’s results but this report, a paid service offered by Agility for financial services, also notes behavioural shifts that explain the continued appeal of top-ranked brands. Most HNW and UHNW individuals in Singapore are self-made, with 70% having built wealth through salaries, bonuses, real estate or entrepreneurship, and fewer than 20% inheriting it. Pragmatism shapes their choices, with greater emphasis on how institutions can support wealth creation and mobility.
70% of entrepreneurs surveyed operate businesses or own properties overseas, while one in three Next Generation individuals — aged 18 to 34 — are considering extended relocation. This makes multi-jurisdictional tax, property, and estate planning solutions highly sought after across financial services.
People first
According to Agility, a majority of respondents say they are open to switching banks or wealth managers in the year ahead. Simultaneously, a similar proportion of respondents assert that they would follow their relationship manager to another bank, indicating that client and manager compatibility outweighs institutional loyalty.
With that said, generational differences remain. Next Generation investors view wealth as a means to mobility, lifestyle and legacy, and therefore prioritise concierge-style services and estate planning. By contrast, the Silver Generation — those over 50 — place greater value on philanthropy, exclusivity and community impact. ESG has become a unifying concern, with 92% of respondents holding ESG-certified assets and 77% regarding ESG as highly relevant to future strategies. Respondents believe that ESG has strong long-term stability and have reduced cost concerns.
In the banking category, HSBC leads with a brand affinity score of 90 out of 100, cited for its strength internationally, expertise in wealth-management and financial stability. Bank of Singapore ranked second with a score of 84, recognised for its focus on private banking and regional influence, while Citibank followed closely in third place with 83, standing out for its international reach and comprehensive suite of services.
Beyond a safety net
Increasingly, respondents see insurance not just as a means to avoid risk, but increasingly view it as a lifestyle and succession tool. Among very wealthy clients, insurance is even used to expand business ventures. Correspondingly, demand for features such as telemedicine, premium health screenings and access to exclusive events has increased.
Trust in insurance agents has, however, declined. While still relatively high at 74%, confidence in product knowledge fell 11 points from 2024. More than half of respondents are open to switching providers, signalling pressure on distribution and advice quality.
Even with this skepticism, insurance rankings remain consistent. HSBC Life remained in the top position with a score of 83, reflecting its expertise in high-value policies and holistic wealth solutions. AIA placed second at 69, while Prudential ranked third with 66, each maintaining strong resonance among affluent clients through product range and long-standing reputations.
Behind the rankings
The metrics to assess brand performance remain consistent between years, to ensure comparability.
Agility uses their own research framework and assess how wealthy clients perceive and experience each brand, which is then used to evaluate brand performance across 11 metrics grouped into four pillars: brand salience, brand delivery, brand strength, and brand stature. These metrics are meant to evaluate the facets of a brand that affect respondents and span areas including visibility, familiarity, service quality, innovation, value, and relevance.
With wealthy clients more open to switching than ever, the report stresses that financial institutions must adapt. Digital convenience, credible sustainability credentials, lifestyle integration and cross-border advisory are now decisive factors in retaining and winning affluent clients.
“High-net-worth and ultra-high-net-worth individuals are uniquely discerning when it comes to choosing their financial partners,” said Ali Mirza, CEO at AFFLUENTIAL, Agility’s data and analytics company. “These rankings reflect where trust, performance, and brand resonance truly lie at the top tier of wealth.”
“HSBC and HSBC Life remain most trusted financial brands in Singapore in 2025?” courtesy of Jamie Wong JM in The Peak Magazine (October 6, 2025). © 2025 The Peak magazine. All rights reserved.